韦尔度假村 2026年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2026 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 (Exact Name of Registrant as Specified in Its Charter) Securities registered pursuant to Section12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90 days.☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☒No As of June3, 2026, 35,633,526 shares of the registrant’s common stock were outstanding. Table of Contents PARTIFINANCIAL INFORMATION Item1.Financial Statements (unaudited).Consolidated Condensed Balance Sheets as ofApril 30, 2026, July 31, 2025 andApril 30, 20252Consolidated Condensed Statements of Operations for the Three and Nine Months EndedApril 30, 2026 and 20253Consolidated Condensed Statements of Comprehensive Income for the Three and Nine Months EndedApril 30,2026 and 20254Consolidated Condensed Statements of Stockholders’ Equity for the Three and Nine Months EndedApril 30, 2026and 20255Consolidated Condensed Statements of Cash Flows for the Nine Months EndedApril 30, 2026 and 20257Notes to Consolidated Condensed Financial Statements8Item2.Management's Discussion and Analysis of Financial Condition and Results of Operations23Item3.Quantitative and Qualitative Disclosures About Market Risk41Item4.Controls and Procedures41 PARTII OTHER INFORMATION Item1.Legal Proceedings42Item1A.Risk Factors42Item2.Unregistered Sales of Equity Securities and Use of Proceeds42Item3.Defaults Upon Senior Securities42Item4.Mine Safety Disclosures42Item5.Other Information42Item6.Exhibits43 Vail Resorts, Inc.Consolidated Condensed Balance Sheets(In thousands, except per share amounts)(Unaudited) Vail Resorts, Inc.Consolidated Condensed Statements of Operations(In thousands, except per share amounts)(Unaudited) Vail Resorts, Inc.Consolidated Condensed Statements of Comprehensive Income(In thousands)(Unaudited) Vail Resorts, Inc.Consolidated Condensed Statements of Cash Flows(In thousands)(Unaudited) Vail Resorts, Inc.Notes to Consolidated Condensed Financial Statements(Unaudited) 1.Organization and Business Vail Resorts, Inc. (“Vail Resorts”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and itssubsidiaries (collectively, the “Company”) operate in three reportable segments: Mountain, Lodging and Real Estate. The Companyrefers to “Resort” as the combination of the Mountain and Lodging segments. In the Mountain segment, the Company operates the following 42 destination mountain resorts and regional ski areas: *Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, asopposed to the Company’s regional ski areas, which tend to generate skier visits predominantly from their respective local markets. Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations, andfor the Company’s Australian ski areas, including lodging and transportation operations. In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResortsbrand; other strategic lodging properties and a large number of condominiums located in proximity to the Company’s North Americanmountain resorts; National Park Service (“NPS”) concessioner properties including the Grand Teton Lodge Company (“GTLC”),which operates destination resorts in Grand Teton National Park; a Colorado resort ground transportation company and mountainresort golf courses. The Company’s Real Estate segme